Holiday resorts hunt for oil / News in brief / The Foreigner

Holiday resorts hunt for oil. Several Norwegian companies are to help drill for oil in popular European and faraway holiday destinations. Norway has so far managed to stave off the current financial crisis thanks to oil. Now, some of European countries want to do follow suit. Greece has recently hired in seismic services off Crete provided by Norway’s Petroleum Geo-Services (PGS). “Drilling will be conducted on the French Riviera, the Canary Islands, Crete, the Seychelles as well as in the Bahamas,” Andreas Stubsrud, analyst at financial brokers Pareto, told Dagens Næringsliv. "Classic Norwegian holiday resorts and charter destinations could get rigs and drilling equipment in the vicinity."

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Several Norwegian companies are to help drill for oil in popular European and faraway holiday destinations.

Norway has so far managed to stave off the current financial crisis thanks to oil. Now, some of European countries want to do follow suit. Greece has recently hired in seismic services off Crete provided by Norway’s Petroleum Geo-Services (PGS).

“Drilling will be conducted on the French Riviera, the Canary Islands, Crete, the Seychelles as well as in the Bahamas,” Andreas Stubsrud, analyst at financial brokers Pareto, told Dagens Næringsliv. "Classic Norwegian holiday resorts and charter destinations could get rigs and drilling equipment in the vicinity."

He said it is now up to officials to weigh up holidaymakers against hydrocarbons from a potential income point of view.“Local authorities have to decide whether they want to have this on tourists’ and inhabitants’ doorstep,” Mr Stubsrud concluded.